Geoff Sullivan

Geoff is a technology marketer focused on the cloud infrastructure and software defined networking space. Geoff is an avid researcher and analyst of new technologies and is interested in blockchain use-cases beyond financial systems.

Hot Swap Blockchain Assets with ShapeShift

2 minute read

Let’s face it. Swapping cryptocurrencies is a pain. Especially for a crypto
noob. In fact, one of the most common questions we get from those new to
cryptocurrencies is “how can I easily convert coin X to coin Y?” If you’re
dealing in common cryptos like Bitcoin or Litecoin, this can be achieved easily
via an exchange that trades in both. But as traders begin to explore the world
of altcoins, this can become more of a challenge. Until you discover ShapeShift.io

Shapeshift is a blockchain asset exchange that allows you to trade one
cryptocurrency for virtually any another, quickly - without an account!
Here’s how it works.

How ShapeShift works

Shapeshift is very simple. It removes a lot of the complexity associated with
the major cryptocurrency exchanges - multiple accounts,username/passwords,
bid/ask orders. All you need is:

A wallet address for the blockchain asset you’re looking to swap

A wallet address for the blockchain asset you’re looking to receive

The only restriction is a deposit minimum and a deposit maximum. Outside of
that, there is no additional exchange fee - only the “miner fee” that is common
among all cryptocurrency transactions. ShapeShift makes their money on their
exchange rate which still remains competitive with alternative exchanges.

Use Cases

We’ve already touched on the most basic, and perhaps the most valuable use case
of ShapeShift for individuals - Quick blockchain asset swaps. But when you dig
deeper into ShapeShift, specifically the power of its API, a whole new world of
capabilities emerge.

eCommerce

Traditionally, businesses have been limited to the blockchain assets that they
can accept for their goods and services online. ShapeShift provides an API
that allows eCommerce businesses to receive (or send) many different blockchain
assets that will be converted automatically and instantly at the point of sale.

On the other side of the equation, online shoppers can use their altcoins to
purchase goods and services from businesses who accept Bitcoin with ShapeShift’s
browser extension, Lens.

There is no better validation of ShapeShift’s eCommerce effectiveness than its
integration with purse.io. Purse.io is an eCommerce
Platform with 200,000+ users, that allows consumers to buy virtually anything
online with their Bitcoin and now altcoins, thanks to ShapeShift. Additionally,
Overstock.com has partnered with ShapeShift to
allow their customers to buy a wide range of products including home goods,
clothing, electronics and more with dozens of altcoins.

One theoretical example of this could be the Crypto Noob Club offering
blockchain asset trading to our members. Crypto Noob Club members could trade
their mining club proceeds for the asset of their choice, directly through
cryptonoob.club. Member’s would be incentivized to use the club’s trading
platform because the affiliate revenue collected by the club would be
reinvested into the mining operation to reduce the club’s overhead and increase
profitability for members. members

Would you make use of a trading platform on cryptonoob.club? Let us know!

conclusion

When you dig into ShapeShift, you begin to realize that it is a lot more than
just a crypto-swapping app. It’s a new platform that breaks down barriers
between producers and consumers, allowing for an any-coin, anywhere transaction
experience. We recommend ShapeShift to our members and are excited for all of
the possibilities that it enables.

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